Summary
Verizon Communications Inc. filed an 8-K on June 28, 2016, primarily to provide updated unaudited historical financial and operating information to investors. This update reflects the completed sale of its local exchange business and related landline activities in California, Florida, and Texas, which occurred on April 1, 2016. The company has reclassified the results of these Divested Businesses from its Wireline segment. In addition to the divestiture's impact on the Wireline segment, Verizon is also reclassifying results from its vehicle OEM and Networkfleet businesses from Wireline to Corporate and Other. While this reclassification was not material to Wireline's results, it provides a cleaner view of segment performance. The filing also furnishes updated operating statistics for the Wireless segment, specifically Retail Postpaid ARPA and Retail Postpaid I-ARPA, for the prior nine quarters, offering investors more granular insights into key customer revenue metrics.
Key Highlights
- 1Verizon completed the sale of its local exchange business and related landline activities in California, Florida, and Texas on April 1, 2016.
- 2The results of the divested businesses have been reclassified from the Wireline segment's historical financial and operating information.
- 3Results from Verizon's vehicle OEM and Networkfleet businesses have also been reclassified from Wireline to Corporate and Other.
- 4The reclassification of vehicle OEM and Networkfleet businesses was noted as not materially impacting Wireline segment results.
- 5Updated unaudited historical financial and operating data for the past nine quarters is being provided as a convenience to investors.
- 6Retail Postpaid Average Revenue Per Account (ARPA) and Retail Postpaid Including Installments ARPA (I-ARPA) operating statistics for the Wireless segment for the prior nine quarters are also furnished.
- 7The furnished information is available in Exhibit 99 and posted on the Verizon Investor website.